Auction Prices Stay Strong

By ROB SASS

Published: August 24, 2008

THE cooling economy brought uncertainty to a week of vintage car sales around Monterey, Calif., just as it had raised questions in January at major Arizona auctions. But prices held steady again.

A relative newcomer, Gooding & Company, was again the leader, topping its 2007 total by $61 million. Bonhams & Butterfields doubled its sales to $22 million.

A much-watched car, the 1958 Chrysler Diablo concept, did not sell despite a $1.2 million bid at the RM auction. But Gooding's $7.92 million sale of a 1937 Bugatti Type 37SC Atalante was a North American auction record.

Even the lower end of the market showed vitality as excellent examples of relatively inexpensive cars brought at least market-correct prices in most cases, and sometimes more.

Here are results of sales previewed in this section on Aug. 10. Prices include the buyer's premium, an additional commission to the auction house.

1967 Porsche 912 Targa

SOLD FOR: $35,200 at RM

WHAT IT MEANS: Although well under the estimate, this was a strong price. Two years ago, this car would probably have struggled to reach $20,000.

1969 Alfa Romeo GT Veloce

SOLD FOR: $44,000 at Gooding

WHAT IT MEANS: A lovely car with extensive documentation that quite possibly set a world record for this desirable model.

1953 Jaguar XK120M

SOLD FOR: $74,750 at Bonhams & Butterfields

WHAT IT MEANS: This car sold for well over the high estimate ($60,000) to a shrewd dealer. A sure sign that these pretty Jaguar coupes are undervalued.

1951 FORD WOODY WAGON

SOLD FOR: $29,000 at Kruse

WHAT IT MEANS: It just goes to show that even in the supercharged atmosphere of Monterey, bargains can be found.

1957 Ford Thunderbird

SOLD FOR: $48,400 at Russo & Steele

WHAT IT MEANS: This very pretty T-Bird sold near the high end of the estimate. It was the right car at the right auction.

Correction: August 31, 2008, Sunday
Because of an editing error, an article last Sunday about collector-car auctions in and around Pebble Beach, Calif., misstated the results for one auction house, Gooding & Company. Sales at its auction were $64 million this year, an increase of about $3 million -- not $61 million. The article also misidentified the car that sold for a North American auction record; it was a 1937 Bugatti Type 57SC Atalante, not a Type 37SC.